Fairfield energised by Riverstone cash injection strategy

By Rob Watts London

 12 July 2012 22:59 GMT

PRIVATE Equity firm Riverstone Holdings is to inject $150 million into private UK independent oil company Fairfield Energy.

Riverstone will take control of about 25% to 30% of Fairfield, becoming co-lead investor beside majority backer Warburg Pincus.

Riverstone will also have the option of subscribing a further $200 million alongside future contributions from current investors.

Former BP chief executive John Browne, head of Riverstone’s European arm, and the fund’s managing director Ralph Alexander, will take seats on Fairfield’s board.

Fairfield chief executive Chris Wright told Upstream: “We see this as a very, very important step in our evolution.”

Wright, who became chief executive after Fairfield abandoned an attempt to go public in 2010,…

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